Richardson Julie 4

What Happened

• Julie Richardson, a director of BXP, received a grant of 481.7 Phantom Stock Units (derivative award) on 2026-03-31. The units are reported at an implied value of $51.90 each, totaling $25,000. The transaction is coded as an award/grant (A) and is a compensation-related derivative award rather than an open-market purchase.

Key Details

• Transaction date: 2026-03-31; filing date: 2026-04-01 (timely filing).
• Award size and value: 481.7 Phantom Stock Units at $51.90 each = $25,000.
• Conversion: Phantom Stock Units convert to BXP common stock on a 1-for-1 basis (Footnote F1).
• Dividend equivalents: The award includes 9.43 Phantom Stock Units credited as dividend equivalents on January 29, 2026 (F3).
• Plan and settlement terms: Awarded under BXP’s 2021 Stock Incentive Plan for non‑employee directors who elected phantom units in lieu of cash; units are settled in shares (or cash for fractional units) either in a lump sum or up to ten annual installments after board retirement, with optional reallocation to measurement funds that would be settled in cash (F2).
• Shares owned after transaction: Not disclosed in the provided filing.

Context

• These Phantom Stock Units are a form of deferred compensation for non-employee directors and will convert to common shares (or cash for certain elections) after the director’s service ends. Such awards are routine for director pay and should be viewed as compensation-related rather than an immediate bullish purchase signal.